Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB) and UBS AG (NYSE:UBS) announced strong profit growth in Q1 earnings. Credit Suisse Group AG (NYSE:CS) also exceeded consensus profit expectations, as reported last week. Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB), Germany’s largest bank, reported an 18 percent rise in net profit from a year earlier to 1.66 billion Euros ($2.16 billion) Most of the increase in profits came from cost cutting. Revenues came in at 9.4 billion...
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More earnings report are due Tuesday morning before opening bell: Sirius XM Radio Inc (NASDAQ:SIRI), UBS AG (NYSE:UBS), United States Steel Corporation (NYSE:X), Valero Energy Corporation (NYSE:VLO) and Rockwood Holdings, Inc. (NYSE:ROC). Sirius XM Radio Inc (NASDAQ:SIRI) is expected to report earnings of 2 cents per share on revenue of $907 million, according to a consensus of analysts polled by Bloomberg. In three of the last five quarters, investors have been negatively surprised by...
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The German Banking regulator BankFin made a statement today confirming that it had found no evidence of German bank involvement in last year’s Libor scandal. The regulator said it could no find evidence tying Deutsche Bank AG (NYSE:DB) (ETR:DBK) and its contemporaries to the rate fixing scandal, and said that the scandal was probably the work of individual traders, rather than a concerted efforts by banking institutions. The Libor scandal erupted last year when information...
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Barclays PLC (NYSE:BCS) (LON:BARC) first-quarter pre-tax profit fell to £1.8 billion ($2.7 billion) from £2.4 billion in the year-ago period, missing analysts’ estimates. The investment banking unit saved the blushes by accounting for 74 percent of its pre-tax profit or £1.32 billion. This was due to enhanced profit from underwriting stock offerings and servicing hedge fund clients. However, this shows the weakness in other business segments such as retail banking in Europe and Africa. Interestingly,...
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German financial regulators are not satisfied with the internal investigation conducted by Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB) in the case of the global interest rigging scandal. The regulators have decided to sit their own probe in the bank according to the sources that are in knowledge of the matter, reports Chicagotribune. Bafin, who is the German regulator, is not authorized to impose fines, but the findings of the regulator will be important for...
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Pre financial crisis, investment banking revenues and profits were at records and exceeded expectations regularly. Post 2008 crisis, the same investment banks that were exceeding records are either struggling to remain profitable or out of business altogether. But by far the worst pain is being felt by European investment banks. Below are some data comparisons: Investment Banking Fee Gap: Europe, Middle East and Africa have a market share of global investment banking fees of...
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For now and the foreseeable future, New York will continue to be the leader of the financial sector. But as we have learned, you don’t have to be on Wall Street to succeed in this industry. Evan Rapoport, CEO of HedgeCo Networks, recently lured Brett Langbert away from New York City. With more than 17 years of experience (he spent 12 years at Goldman Sachs Group, Inc. (NYSE:GS) and five years at Morgan Stanley...
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The Royal Bank of Scotland Group plc (NYSE:RBS) (LON:RBS) faces a fine of $615 million for rigging the London interbank offered rate, or Libor. The bank will also enter a guilty plea on charges of wire fraud. RBS is the latest bank to face fines in connection with Libor rigging. Traders from RBS, Barclays PLC (NYSE:BCS) (LON:BARC) and UBS AG (NYSE:UBS) were arrested in connection with the rate rigging in November. Barclays PLC (NYSE:BCS)...
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UBS AG (NYSE:AG) is planning a mass mailing to many of its brokerage clients alerting them that they have been reclassified as “aggressive” investors, according to a new report from FOX Business Network’s (FBN) Charlie Gasparino. Gasparino reports that this is following a recent change in its market outlet that some people inside the firm say reflects growing bearishness in the bond market particularly over the long term. Excerpts below. On UBS going bearish...
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Deutsche Bank AG (ETR:DBK) (FRA:DBK) (NYSE:DB) posted a loss this morning for the last three months of 2012. In the wake of that report, we take a look at some of the other big banks in the Eurozone, and mark what investors should expect from each of their upcoming earnings reports. The banks covered in this report are the big investment banks Credit Suisse Group AG (NYSE:CS), Barclays PLC (LON:BARC) (NYSE:BCS), and UBS AG...
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Bob Diamond, former chief executive of Barclays PLC (LON:BARC) (NYSE:BCS), may be called as witnesses in the court, along with other employees, after the attempts by the employees to keep their names off the trial failed. Mr Justice Flaux rejected the applications for anonymity in the interest of open justice, the applications had, meanwhile, been criticized by the media. The high court judge, Mr Justice Flaux, said “The public has legitimate interest in learning who...
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